中航高科（600862）：业绩受产品结构影响，增加民航、航发、构件产能建设

Investment Rating - The investment rating for the company is "Add" [3] Core Views - The company's performance is impacted by product structure, emphasizing the need to increase capacity in civil aviation, aerospace engines, and component manufacturing [1][7] - The company reported a cumulative revenue of 5.008 billion RMB for 2025, a year-on-year decrease of 1.27%, and a net profit attributable to shareholders of 1.031 billion RMB, down 10.57% year-on-year [7] - The report highlights opportunities arising from domestic aircraft projects like C919, the rise of UAVs and eVTOL markets, and the growing demand for composite material repair technology in the aviation maintenance market [7] Financial Forecast - Revenue projections for 2024 to 2028 are as follows: 5.072 billion RMB (2024), 5.008 billion RMB (2025), 5.166 billion RMB (2026), 5.791 billion RMB (2027), and 6.712 billion RMB (2028) with growth rates of 6.1%, -1.3%, 3.2%, 12.1%, and 15.9% respectively [2] - EBITDA is forecasted to be 1.545 billion RMB in 2024, decreasing to 1.476 billion RMB in 2025, and then gradually increasing to 1.924 billion RMB by 2028 [2] - The net profit attributable to shareholders is expected to be 1.153 billion RMB in 2024, 1.031 billion RMB in 2025, and projected to rise to 1.493 billion RMB by 2028 [2] - The earnings per share (EPS) is estimated to be 0.83 RMB in 2024, decreasing to 0.74 RMB in 2025, and then increasing to 1.07 RMB by 2028 [2] Market Performance - The current price of the stock is 24.52 RMB, with a reasonable value estimated at 28.21 RMB [3] - The report maintains a "Add" rating based on the company's technological barriers, core supporting position, and the improving conditions in the downstream civil aviation market [7]